Alipay, WeChat drive China Jo-Jo sales
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China Jo-Jo Drugstores, the US listed, China-based multichannel pharmaceutical and healthcare retailer, says customers are embracing Tencent’s WeChat and Alibaba’s Alipay to buy its goods from mobile phones.
In the third quarter, Alipay mobile transactions with China Jo-Jo grew 84 per cent quarter on quarter, while sequential traditional payment transactions such as City Health Insurance payment transactions grew 27 per cent.
According to research firm Analysys, Alipay and WeChat currently dominate mobile payment in China with 45 per cent and 19 per cent of the market respectively.
“Integrating these mobile payment platforms is an important growth initiative for China Jo-Jo as consumers in China, especially the young and growing middle-class, have been keen to actively adopt mobile payment as the method of choice for their integrated mobile and physical retail store shopping experience,” the pharmacist said in a statement.
“Providing customers this convenient and familiar mobile payment platform is helping to drive overall transaction growth in both our retail and online pharmacies.”
Since launching Alipay’s mobile payment service in November 2014, China Jo-Jo has been initiating novel marketing campaigns including in-store sales and bonus promotions in order to attract and customers while promoting premium branded products. Payment transactions and marketing initiatives under WeChat Payment which launched in July 2015 have also been successful in growing China Jo-Jo’s customer base and overall transactions.
Chairman and CEO Lei Liu says mobile payment platforms have had immense success in China providing consumers with a fast, secure and novel means of paying for both online and offline pharmacy goods and services that is becoming the standard method for paying for goods and services in China.
“Mobile payment platforms now account for more and more of China Jo-Jo’s online payment transactions and is playing an integral role in the push to drive adoption of China Jo-Jo’s business model.”
As of December 31, China Jo-Jo had 59 retail pharmacies in Zhejiang Province, China.
Questions & Answers
Q.How much of the mobile payment market do Alipay and WeChat control in China?
How much of the mobile payment market do Alipay and WeChat control in China?
Alipay holds 45 per cent of the market share, while WeChat controls 19 per cent. These two platforms currently dominate mobile payments in China, according to Analysys research.
Q.What effect have mobile payment platforms had on China Jo-Jo's overall transactions?
What effect have mobile payment platforms had on China Jo-Jo's overall transactions?
Integrating these platforms is helping to drive overall transaction growth across both retail and online pharmacies. Mobile payments now account for an increasing proportion of online payment transactions.
Q.What is China Jo-Jo doing to attract customers using these new payment methods?
What is China Jo-Jo doing to attract customers using these new payment methods?
The company is initiating novel marketing campaigns, including in-store sales and bonus promotions. These efforts also aim to promote premium branded products to new customers.
Q.When did China Jo-Jo launch its WeChat Payment service?
When did China Jo-Jo launch its WeChat Payment service?
China Jo-Jo launched its WeChat Payment service in July 2015. This followed the launch of Alipay's mobile payment service in November 2014, with both proving successful.
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